WAEC Economics 2020 Objective — Question 22
Question 22 of 50 from the West African Examinations Council (WAEC) Economics 2020 Objective paper, with the correct answer and a full explanation.
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What is the firm's marginal revenue? (using output/TR table: 50,60,70,80,90 and 85,102,119,136,153)
- A. $153.00
- B. $17.00
- C. $1.70Correct
- D. $0.80
Explanation
Marginal revenue = change in total revenue / change in output = (102-85)/(60-50) = 17/10 = $1.70.
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